Property investor and mother charged for $750,000 agency commission fraud over shopping centre purchase

2022-6-24


A property investor and his mother were brought to the Eastern Magistrates’ Courts this afternoon (June 24) after being charged by the ICAC this morning for allegedly conspiring together to deceive an investment partner into paying an agency commission of about $750,000 over the purchase of a shopping centre at $168 million by concealing that an estate agency owned by a defendant would receive part of the commission in relation to the transaction.

The ICAC investigation arose from a corruption complaint. Upon completion of the investigation, legal advice was sought from the Department of Justice, which advised charging the duo.

Tse Yiu-sing, 38, sole director-cum-shareholder of Landcorp Properties Limited (Landcorp); and his mother Sin Yuk-ling, 66, jointly faced one count of conspiracy to defraud, contrary to Common Law.

No plea was taken today. Principal Magistrate Ms Ada Yim Shun-yee adjourned the case to August 9 for mention. The defendants were granted bail.

Upon the invitation of Tse, an investment partner agreed to jointly acquire a shopping centre in Tsuen Wan with him in June 2019. The duo then acquired Total Link Limited (Total Link) as a vehicle for purchasing the shopping centre. The investment partner and Sin respectively held 45 per cent shares and 55 per cent shares of Total Link.

Tse liaised with the vendor through Midland Realty (Shops II) Limited (Midland) and the vendor asked for $168 million. As a normal practice, the purchaser Total Link was required to pay one per cent of the transaction price as agency commission to Midland.

Sin had allegedly requested Midland to cooperate with Landcorp, a licensed estate agency owned by Tse, to procure the transaction.

The charge alleged that between July 2019 and June 2020, Tse and Sin conspired together to defraud the investment partner by dishonestly causing Landcorp and Midland to enter into an agreement where Landcorp was entitled to 80 per cent of the agency commission payable by Total Link to Midland in relation to the above transaction; and concealing the agreement from the investment partner.

It was also alleged that the defendants had induced the investment partner to make payment to Total Link pursuant to an agreement among the trio, whereby the investment partner was to advance to Total Link 45 per cent of the agency commission payable by Total Link to Midland in relation to the transaction.

The prosecution was today represented by Senior Public Prosecutor Marcus Lee, assisted by ICAC officer Terri Kwok.

Back to Index